Filing Flows › Chevron (CVX) › Q2 2025
Chevron (CVX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Chevron (CVX) reported revenue of $44.8B for the second quarter 2025 (Q2 2025), -12% from a year earlier and -6% from the quarter before. Operating margin was 9.3%, net earnings $2.5B (5.6% of revenue).
Chevron, Q2 2025: revenue $44.8B (-12% year over year), operating margin 9.3%, net earnings $2.5B, operating cash flow $8.6B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $44.8B | -6% | -12% |
| Operating profit | $4.1B | -26% | -41% |
| Net earnings | $2.5B | -28% | -43% |
| Operating cash flow | $8.6B | +65% | +36% |
| Free cash flow | $4.9B | — | +112% |
What changed
Revenue was $44.8B in Q2 2025, down 12% year over year and down 6% from the previous quarter.
Operating profit was $4.1B, a 9.3% margin (down 4.5 points year over year). Total costs fell 8% while revenue fell 12%. Net earnings were $2.5B, down 44% year over year. The effective tax rate was 39.4%.
Operating cash flow was $8.6B (up 36% year over year), 341% of net earnings. Non-cash charges added back $4.3B of depreciation and amortization. Working capital and other items added $1.7B. After capital expenditures ($3.7B), free cash flow as the company reports it was $4.9B.
Questions
What was Chevron's revenue in the second quarter 2025?
Chevron (CVX) reported revenue of $44.8B for the second quarter 2025 (Q2 2025), -12% from a year earlier and -6% from the quarter before.
Was Chevron profitable in the second quarter 2025?
Operating profit was $4.1B (9.3% of revenue) and net earnings $2.5B.
Source: Chevron 10-Q on SEC EDGAR.